Last week, I pointed out some of names from the large-cap space that had bucked the trend and given stellar returns to investors in President Donald Trump’s first 100 days in office. This time, I will highlight those that have seen stark corrections in their share prices.

Why have these large-cap names witnessed such a marked decline this year so far? Is it solely due to macroeconomic concerns, or is there more to it? Let’s have a closer look.

Stock #1: Deckers Outdoor

Founded in 1973, shares of footware and apparel designer and distributor Deckers Outdoor (DECK) were down 48% in Trump’s first 100 days, and are now down 41% in the year-to-date. 

Although the share price decline has been notable, it may not be solely due to the company’s latest quarterly results.

For the third quarter of its fiscal 2025, Deckers’ numbers came in ahead of the estimates. The company recorded revenues of $1.83 billion, up 17% from the previous year, while EPS saw a 19% rise in the same period to $3, surpassing the Street estimate of $2.58. Notably, this marked the 13th consecutive quarter of earnings beat from the company.

However, the combination of stretched valuations and management’s weak financial guidance for its fiscal fourth quarter unsettled market participants, triggering a wave of profit-taking and downward pressure on the stock.

Overall, analysts have deemed the stock a “Moderate Buy” with a mean target price of $172.18 which indicates an uspide potential of about 45% from current levels. Out of 20 analysts covering the stock, 11 have a “Strong Buy” rating, one has a “Moderate Buy” rating, and eight have a “Hold” rating.

Stock #2: Teradyne

Teradyne (TER), a designer and manufacturer of automatic test equipment (ATE) for semiconductors and electronics, saw its shares fall 44.3% during Trump’s first 100 days. The stock is down 40% for the year to date. 

However, Teradyne posted a decent set of numbers for the most recent quarter with both revenue and earnings exceeding Street expectations. Revenues moved up by 14% on a year-over-year  basis to $686 million. Earnings increased by an even sharper 47.1% in the same period to $0.75 while comfortably outpacing the consensus estimate of $0.62.

Having said that, mounting concerns around trade policies and tariff-related volatility tied to its core Semiconductor Test business have not resonated well with the market, prompting a notable pullback in the stock.

Overall, analysts have assigned a rating of “Moderate Buy” for the stock with a mean target price of $101.14. This denotes an upside potential of roughly 35% from current levels. Out of 15 analysts covering the stock, 10 have a “Strong Buy” rating, three have a “Hold” rating, one has a “Moderate Sell” rating, and one has a “Strong Sell” rating.

Stock #3: Zebra Technologies

Founded in 1969, Zebra Technologies (ZBRA) is a leading provider of enterprise solutions that digitize and automate workflows. Its shares were down 39.3% during Trump’s first 100 days and are down 34.1% in the year to date, reducing its market cap to $13.2 billion.

Zebra’s results for the first quarter were marked by a beat on both revenue and earnings. Net sales witnessed a yearly rise of 11.3% to $1.3 billion, with a 41.5% increase in earnings to $4.02 per share in the same period as this was the sixth consecutive quarter of earnings beat from the company.

However, the stock has remained under pressure due to the company’s excessive reliance on its historical products, the sluggish uptake of its newer initiatives in high-growth segments such as robotics, and intensifying competitive pressures.

Overall, analysts have attributed a rating of “Moderate Buy” for the stock with a mean target price of $318.21, which indicates an upside potential of roughly 24.3% from current levels. Out of 16 analysts covering the stock, eight have a “Strong Buy” rating, one has a “Moderate Buy” rating and seven have a “Hold” rating.

Stock #4: Delta Air Lines

Tracing its roots back to 1925, shares of one of the most recognizable airline companies, Delta Air Lines (DAL), have had a turbulent 2025, with its shares down 24% on a YTD basis. During Trump’s first 100 days, they fell 36.8%. 

DAL reported upbeat results for the most recent quarter with both revenue and earnings surpassing estimates. The company’s total operating revenues increased by 3.3% from the previous year to about $13 billion, aided by an overall growth of 3% in the core passenger revenues to $11.5 billion. Meanwhile, earnings per share moved up to $0.46 from $0.45 in the year-ago period, marking the 10th consecutive quarter of earnings beat from the company.

However, the stock has faced persistent headwinds this year, largely due to escalating labor and fuel expenses, a lingering debt burden, and the absence of forward-looking commentary from management has only amplified investor apprehension, deepening the uncertainty around the company’s near-term trajectory.

Overall, analysts have attributed a rating of “Strong Buy” for the stock with a mean target price of $59.05, which indicates an upside potential of about 33.6% from current levels. Out of 21 analysts covering the stock, 18 have a “Strong Buy” rating and three have a “Hold” rating.

Stock #5: United Airlines

We conclude our list of underperforming large cap names with another airline: United Airlines (UAL). Shares of one of the largest airline carriers of the world are down 21.7% on a YTD basis and fell 36.5% in Trump’s first 100 days. The company is now valued at a market cap of $24.2 billion.

In UAL’s most recent quarter the company reported record total operating revenues of $13.2 billion, up 5.4% from the previous year, while it reported earnings of $1.16 per share compared to a loss of $0.38 per share in the year-ago period. Notably, this marked the fifth consecutive quarter of earnings beats from the company.

Yet, the combination of weakening demand for air travel, driven in part by mounting concerns over inflation and persistently soft ticket sales, has dampened investor sentiment. The airline’s elevated debt levels have further dampened investor sentiment. 

Still, analysts have assigned a rating of “Strong Buy” for the stock with a mean target price of $97.55, which denotes upside potential of about 31.7% from current levels. Out of 22 analysts covering the stock, 19 have a “Strong Buy” rating, one has a “Moderate Buy” rating, and two have a “Hold” rating.